The Day Ahead: Suntory Guzzles Beam

 | Jan 13, 2014 | 8:30 AM EST  | Comments
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With earnings season about to shift into top gear, Wall Street is still digesting Friday's disappointing jobs report, its implications for the U.S. economy and the future of the Federal Reserve's bond-buying program.

U.S. stock futures pointed to a lower open Monday morning, coming off a flat finish Friday following a surprisingly weak nonfarm payrolls report and a dip in the unemployment rate largely attributed to a growing number of Americans leaving the workforce altogether.

Wall Street will be closely watching the bellwether financial stocks reporting this week, particularly Action Alerts PLUS components JPMorgan Chase (JPM) and Bank of America (BAC), as well as Goldman Sachs (GS) and Citigroup (C).

In company news, investors were toasting shares of Beam (BEAM) after Japan's Suntory said it would buy the maker of Jim Beam whiskey and other spirits for $16 billion, including debt. The deal would make Suntory the world's third-largest distiller. Shares of Beam, spun off from Fortune Brands (FBHS), shot up about 25% in premarket trading.

Yoga-pants maker Lululemon Athletica (LULU) dropped its fourth-quarter guidance on slow sales in January, prompting investors to sweat off about 15% from the shares in premarket trading.

As the North America Auto Show gets under way in Detroit, Ford (F) announced a makeover of its popular F-150 line of pickup trucks. Meanwhile, rival automaker GM's (GM) CFO Daniel Ammann said the company is close to reinstating its dividend. GM on Friday recalled 370,000 pickup trucks for a possible fire issue.

Overseas, European exchanges were recently higher while Asian markets finished flat.

Finally, Atlanta Fed President Dennis Lockhart talks about the economic outlook in Atlanta at 12:40 p.m. ET.

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